I
Isabella
Guest
I am interested in buying a property in New York City and was hoping that someone might have some experience or advice to offer me. Having recently returned from a short trip I was very impressed with an area in Brooklyn, which is experiencing rejuvenation similar to that seen in areas like Soho in Manhattan ten years ago. This area is one stop away from Manhattan on the subway about a five-minute ride and is next to the Brooklyn Bridge. Only recently has this area being zoned for residential development in what was once a derelict commercial area dominated by large warehouse type buildings. Already the area is very popular with young families and city exec’s drawn to the larger less expensive properties offering Manhattan skyline views. As I have little or no experience in property investment and even less knowledge of doing so in the states I could really avail of some advice on the investment itself, legal matters, taxes etc.
My intention would be to buy a studio or 1 bed condo apartment for letting. I am considering two options, the first to purchase a 1 bed from the plans in a new development for $550K requiring a 10% deposit with completion due 2006. The second would be to purchase a studio apartment now for $450K for immediate letting. Rents appear to be strong averaging $2600 / month for a 1 bed. I will raise the deposit here but am unsure of what the best route would be to obtain the mortgage?
My intention would be to buy a studio or 1 bed condo apartment for letting. I am considering two options, the first to purchase a 1 bed from the plans in a new development for $550K requiring a 10% deposit with completion due 2006. The second would be to purchase a studio apartment now for $450K for immediate letting. Rents appear to be strong averaging $2600 / month for a 1 bed. I will raise the deposit here but am unsure of what the best route would be to obtain the mortgage?